DALLAS, TX, Feb. 9 /CNW/ - Saxon Oil Company Ltd ("Saxon") (TSX VENTURE: SXN) (FRANKFURT:SXN) (BERLIN:SXN) announces the retirement of Richard Green as President and Chief Executive Officer and member of the Board of Directors. Richard Green will be retained by the Company as a technical consultant through December 31, 2010 and Green will continue to advise Saxon on technical aspects of the Company's existing projects.
Steven D Saxon, Chairman of Saxon Oil Company Ltd. will serve as interim President and CEO and Melissa L. Long will serve as the interim CFO. The Company is actively reviewing its current portfolio of major projects and plans to sell assets that are no longer core to the business plans to fund developing projects. The Board will immediately commence an executive search and will look at restructuring the Board of Directors.
"Saxon has accumulated several large projects in its portfolio," commented Steven Saxon. "These projects all require capital to reach their full potential and the Saxon board has decided to focus efforts on the North Dakota Bakken/Sanish Three Forks area, Central Kansas Gas Gathering Project and AleAnna Resources LLC, an Italian exploration project of which Saxon owns a 20% membership interest."
Saxon Oil Company is a Tier One Texas-based Canadian company, trading on the TSX Venture Exchange under the symbol SXN. The Company is an independent oil and gas company engaged in the acquisition, development and production of oil and natural gas reserves. The Company seeks to deliver strong shareholder returns through an effective exploration and development program that incorporates sound business practices with the latest oil field technologies. The goal is to steadily increase proven reserves of oil and natural gas - which, in turn, will lead to enhanced cash flows and earnings per share.
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding plans for completion, production potential, other targeted areas and expansion and development plans and objectives of Saxon Oil Company Ltd. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.
SOURCE Saxon Oil Company Ltd.
For further information: For further information: Contact: Saxon Oil Company, Patrice Nazareno, Toll Free: 1-866-515-7708